US wheat futures fell more than 1 percent and soyabean prices rose slightly on Thursday, with each market taking cues from US Department of Agriculture export sales data, traders said. Export sales of 2.5 million tonnes of US soyabeans and 1.47 million tonnes of corn were above analyst estimates. Wheat export sales of 234,900 tonnes fell below expectations and were the lowest so far during the marketing year that started June 1.
Chicago Board of Trade December wheat eased 7 cents to $4.10-1/2 per bushel, further pressured by technical selling and abundant global grain supplies. CBOT January soyabeans gained 1 cent to $9.87-1/2 per bushel, rebounding from a roughly two-week low, while CBOT December corn edged 3/4 cent lower to $3.45-1/2 as of 11:23 am CDT (1723 GMT).
"Soyabeans are trading higher this morning, taking support from light fund buying and export sales data," Karl Setzer, analyst at MaxYield Co-operative, said in a note to clients.
USDA releases weekly sales data every Thursday, but also announces daily grain and oilseed sales when they are larger than 100,000 tonnes. The agency said a total of 120,000 tonnes of US soyabeans were sold to unknown destinations within the past 24 hours and 136,000 tonnes of corn was sold to South Korea and 432,000 tonnes of corn to Mexico.
Traders during the past few days have evened positions to minimise risk ahead of Tuesday's US presidential election and Wednesday's monthly USDA supply and demand report. "Expectations of higher yields in the USDA report have already been priced in," said Ole Houe, an analyst with brokerage IKON Commodities in Sydney, referring to the agency's monthly supply-demand report.
Comments
Comments are closed.